Aurora executives also walked back previous predictions of profitability in 2019, pushing the goal to the next fiscal year. The company forecasted positive EBITDA for its fiscal fourth quarter at the start of 2019, but went on to omit the same time frame in an August news release, simply saying the company was "on track" to reach the goal in the future.

The Wednesday earnings report pulled further away from its original guidance, missing the forecasted metric and saying it expects adjusted EBITDA "to continue to improve in the future." Aurora's chairman set a wider expectation for the next fiscal year, Reuters reported.

"We provided that guidance ... because we assumed there would be a more aggressive roll-out of retail outlets and if that was the case, we would have no problem reaching that milestone," executive chairman Michael Singer told Reuters. He added the company is "very confident" it will reach a form of profitability in the next fiscal year.

The cannabis producer should be able to hit its goal by the second quarter of fiscal 2020, Amplify Seymour Cannabis ETF manager Tim Seymour said. The company should focus on improving its gross margin as similar Canadian cannabis companies have struggled in boosting the metric, he added.

Aurora has the largest position in the ETF's portfolio by market value, according to Bloomberg. The fund also holds peers Canopy Growth and Aphria.

The cannabis producer closed at $6.49 per share Wednesday, up about 31% year-to-date.

Aurora Cannabis has 11 "buy" ratings, six "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $9.63, according to Bloomberg data.

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